Automotive expert Mike Caudill claims Elon Musk's Tesla Cybertruck design will turn off potential buyers in Kabuto: Coast to Coast.
Tesla CEO Elon Musk has laid out what it will take to further enhance the electric car maker's artificial intelligence and robotics efforts.
“I'm uncomfortable with building Tesla into a leader in AI and robotics without having up to 25% voting control,” Musk said Monday on the X show.
Holding about a quarter of all voting rights, he said, “means I have influence, but that could be overridden if twice as many shareholders vote against me as I do.” “There is,” he said.
Tesla CEO Elon Musk gestures while attending the Viva Technology conference at the Porte de Versailles exhibition center in Paris, June 16, 2023. (Reuters/Gonzalo Fuentes/File Photo/Reuters Photo)
“Below 15%, the yes/no ratio ignores me and it becomes very easy for takeovers with questionable interests,” he added.
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According to reports, Musk owns about 13% of Tesla stock.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| TSLA | Tesla Inc. | 218.89 | -8.33 | -3.67% |
Without 25% voting rights, Musk said, “I would like to develop products outside of Tesla.”
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Musk integrated an AI chatbot called Grok into X in November. The chatbot was from xAI, an artificial intelligence company the tech billionaire founded over the summer to “advance our collective understanding of the universe.”
His comments about Tesla's increased voting controls were in response to a user's tweet about whether Musk needed a new compensation plan for the electric car company. Musk has had his current $56 billion compensation package in place since 2018.
Tesla CEO Elon Musk gets into his Tesla while leaving a hotel in Beijing, China, on May 31, 2023. (Reuters/Wang Tingju/Reuters Photo)
Musk said “a dual-class voting structure would be fine” to increase voting influence, but gave the impression that was not a viable option “after the IPO in Delaware.” ing.
“It should be noted that Tesla's board is great,” he wrote to X. “The reason there is no new 'compensation plan' is because we are still awaiting the verdict in the Delaware compensation case, which was held in 2022. “But the verdict is not yet out. I put 'compensation plan' in quotation marks because, from my perspective, this is primarily about ensuring appropriate influence at Tesla.”
What is artificial intelligence (AI)?
Tesla shareholder Richard Tornetta sued Musk and the board in 2018, alleging that Musk used his advantage over Tesla's board to collect billions of dollars without having to work full-time at the electric car maker. You want to prove that you earned your compensation package.
According to Tesla's website, Tesla is developing AI for EVs, robots, chips, and more, among other things.
Musk said in October that Tesla “will continue to invest heavily in AI development because it is truly a massive game changer.” He suggested that long-term success in this area “could make Tesla the most valuable company in the world.”
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As of Tuesday afternoon, the company's market capitalization was $702 billion.
Reuters contributed to this report.
